Asphalt Market Size, Share, Growth Analysis, By Product Type(Hot Asphalt, Medium Curing (MC) Cold Mix Asphalt, Unique Paving Materials (UPM) Asphalt), By Application(Asphalt Cement, Emulsion, Paving, Roofing), By End-use(Residential and Non-residential), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15F2085 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 90 |Figures: 77

Asphalt Market Insights

Asphalt Market size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4 billion in 2023 to USD 5.67 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

A combination of aggregates, binder, and filler called asphalt is used to build and maintain sidewalks, bicycle lanes, parking lots, railroad lines, ports, airport runways, and play and sports areas. Sand, gravel, crushed rock, or slags may all be used as aggregates in asphalt mixes. Asphalt is now more sustainable since some waste and byproducts, such as building and demolition debris, are utilized as aggregates. The road structure above the formation level, which comprises unbound and bituminous-bound elements, makes up an average asphalt pavement. In order to spread the weight of the traffic before it reaches the formation level, this allows the pavement.

One of the main reasons fueling the market expansion is the rapid urbanization of the world. Asphalt shingles, which are used to weatherproof roofs, are in high demand due to the growing population. In addition, asphalt offers a more practical and long-lasting substitute for concrete, which is typically employed in the building sector. Additionally, the market is expanding because of the rising use of recycled asphalt pavements (RAP) in driveways, parking lots, schools, and playground blacktops. In order to rebuild aged pavements and roadway surfaces, it is also utilized as an emulsion. For example, India has a huge network of roads. According to the Ministry of Transport's 2020 statistics, India has 1,32,500 km of national highways, 1,81,531 km of state highways, 6,14,028 km of district roads, and 44,04,404 km of rural roads, 5,31,608 km of urban roads, and 3,46,505 km of project roads. In addition, there are 79 main NHS, each of which has 500 branches and accommodates more than 48 different methods of transit. The number of expressways has also significantly increased, with Uttar Pradesh, a state in northern India, ranking first with a length of 687 km. Highway planning, design, and execution are also provided through a number of institutions and bodies at different levels. They are the Central Road Fund (CRF), the Indian Road Congress, and the Jayakar Committee (IRC). The Indian government's 20-year road plan has been effective in enhancing the country's road system. According to a survey, the planned NH road developed from the years 2014 to 2020 saw an improvement in the rate of road building, going from 55% to 70% in the previous five years.

Worldwide supply chain disruption and building project delays were caused by the COVID-19 pandemic. To stop the spread of the coronavirus, strict lockdowns and curfews were implemented in the majority of the countries. Construction was one of the most negatively hit industries as a result of the economic downturn because of a lack of manpower, raw supplies, and government regulations that forced the suspension of current projects. Although many local governments started steps to restart the development of roads, highways, and buildings in the third quarter of 2020. For example, in April 2020, with the government approving a partial lifting of the lockdown for some sectors in the effort to limit the Covid-19 epidemic, work on around 70% of the ongoing roadway projects has resumed. For the Delhi-National Capital Region (NCR), which continues to rank among the cities with the greatest number of positive cases, permissions to resume building have not yet been received. Construction work is still stuttering, despite having started in some regions, as the ministry of home affairs (MHA) cleared the way for the relaxation of restrictions on specific industries to get economic activity back on track.

US Asphalt Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 3.8 billion

Largest Segment

Hot asphalt

Fastest Growth

Hot asphalt

Growth Rate

5.1% CAGR

Global Asphalt Market 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)

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Asphalt Market Segmental Analysis

The global asphalt market is segmented based on the product type, application, end-use, and region. Based on the product type, the global asphalt market is segmented as hot asphalt, medium curing (MC) cold mix asphalt, and unique paving materials (UPM) asphalt. Based on application, the global asphalt market is segmented into asphalt cement, emulsion, paving, roofing, and others. Based on end-use, the global asphalt market is segmented into residential and non-residential. Based on the region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Asphalt Market Analysis by Product Type

In 2021, unique paving materials held the largest share in the global asphalt market. Due to its rapid expansion in the construction sector, driven by the increasing need for safer roads to reduce accident rates, paving is the industry's largest segment. Roadway development from growing nations like China, India, and others is expected to increase, which would boost this sector's growth. Bitumen performs well and offers durability under traffic and climate situations. Base courses for airports, bridges, tunnels, railroad lines, and other structures are paved with it. For example, in India, through numerous national initiatives like the Bharat Mala Project, the Pradhan Mantri Gram Sadak Yojana (PMGSY), the Mukhaya Mantri Gram Sadak Yojana (MMGSY), and the Special Accelerated Road Development Program in the North East, the connectivity and improvement of the road sector have received a lot of attention. In order to cut carbon emissions, the PMGSY project used green technology, cold mix technology, and recycled materials to build a total of 47,447 km of roads in 2017–18. Since 2000, the length of roads has increased, and the Indian government has set a lofty goal of building 10,000 km of NH by the end of the current fiscal year. As a result, significant investment has been made in this industry. A total of 200,000 km of NH are anticipated to be finished by 2022, according to IBEF 2021.

Asphalt Market Analysis by Application

Following this, the roofing segment is also expected to observe a significant rise during the forecast period. The product is frequently used as a type of roofing shingle that may be purchased in a variety of ways depending on its functionality, look, texture, and other factors. These roofing shingles have a unique look and offer the best possible defense against severe weather. The need for waterproofing and recreation products is growing due to expanding applications in various locations, which is, in turn, propelling the global asphalt market expansion.

Due to the expansion of the construction business, the section of the highways is the biggest. The global asphalt market expansion for highway applications is being supported by rapid urbanization and a rising population. For roads and highways, the chemical is utilized as a binding agent to bond the components together and offer longevity and sturdiness. This category is dominating the market as a result of the expanding connections between nations and regions. Additionally, it is utilized to waterproof infrastructure, including roads. They shield both residential and non-residential structures from bad weather and prevent accidents from arising. The expansion of this sector is being aided by the expanding building industry in various geographic areas.

According to official statistics, the yearly mileage of four, six, and eight-lane (NHs) have climbed by more than 300 percent over the previous seven years, from just 1,289 km in 2015–16 to 3,963 km in 2021–22. This is expected to rise further since the ministries responsible for roads and road development are now concentrating more on building expressways and economic corridors. The data on lane-wise highway construction reveals that, while the building and expansion of NHs to four lanes has been consistent since 2017–18, the building of six and eight lanes has increased dramatically over the last two years. While only 616 km of NH sections were built as six- and eight-lane roads in 2019–20, and in 2021–22, this yearly growth reached 1,165 km.

Throughout the anticipated period, development in the recreation segment is anticipated. This segment's expansion is being supported by rapid population increase. Bitumen is in great demand for use in residential and non-residential constructions as a result of urbanization and population growth. For example, according to the latest residential construction statistics for February 2022 released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the number of privately owned housing starts in February reached 1,769,000, an increase of 6.8 percent over the revised January estimate of 1,657,000. This was 22.3 percent more than the home starts pace of 1,447,000 in February 2021. February saw 1,215,000 single-family dwelling starts, 5.7 percent more than the revised January total of 1,054,000. For structures with five units or more, the rate in February was 501,000

Global Asphalt Market By Product Type 2021 (%)

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Asphalt Market Regional Insights

The largest share in the global asphalt market was held by the Asia Pacific due to growing construction sector. The increased demand from emerging markets like South Korea, China, and India is responsible for this expansion. Due to the region's growing urbanization and population, China is also the main customer. Regional market expansion is anticipated to be aided by significant infrastructure expansion, construction sector innovation, industry consolidations, and economic growth in the area. The building sector is preparing for slower economic development due to a rise in the coronavirus in the Asia Pacific region. For example, the Indian government set out Rs. 60,241 crores (US$ 8.28 billion) for road construction and Rs. 57,350 crores (US$ 7.88 billion) for national highways in the Union Budget 2021. By March 2022, the government intends to have 8,500 kilometers of road built. Furthermore, by March 2022, 11,000 km more of the National Highway routes will be finished. The Ministry of Road Transport and Highways would receive an investment of Rs. 118,101 crores (US$ 16.20 billion), according to the government. Additionally, the government received a project under the Bharatmala Pariyojana costing Rs. 5.35 lakh crore (US$ 73.37 billion), which included building more than 13,000 km of roads for Rs. 3.3 lakh crore (US$ 45.26 billion).

The global asphalt market in North America is anticipated to expand during the forecast period as a result of the region's expanding use of residential structures for recreational purposes and the expanding trend of maintaining roads and highways. Strong economic expansion, rising building activity, supportive governmental policies, and increased consumer demand will all significantly increase supply. For example, the most recent estimates reveal that rules imposed by all levels of government account for 23.8 percent of the ultimate cost of a brand-new single-family house constructed for sale. In contrast to earlier research, surveying developers and builders separately resulted in a slightly different breakdown of the cost of regulation, with 10.5 percent of the final home price attributable to regulation during the development of the lot and the remaining 13.3 percent attributable to regulation during the construction of the single-family structure. The 23.8 percent prediction for 2021 is a modest decrease from the 24.3 percent seen in a prior research.

Global Asphalt Market By Geography, 2021-2028
  • Largest
  • Fastest

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Asphalt Market Dynamics

Asphalt Market Driver

  • Road construction consumes roughly 70% of bitumen, which is expected to drive market growth. Rising asphalt paving construction and advantageous building projects such as highway and street segments are the main factors influencing the market trend. Furthermore, because many governments invest in infrastructure projects such as highway or roadway maintenance, road construction, and rehabilitation, good economic conditions would increase total income in the construction industry. Improved technology development in mixing facilities and manufacturers' efforts to provide creative solutions to meet customer demand would also fuel growth. Furthermore, they strive to meet industry standards.
  • Consumers are now more conscious of how the infrastructure is being impacted by the shifting weather conditions. Many customers have been encouraged by this and rising global temperatures to embrace solutions that shield buildings from harsh weather. This has led to an increase in the demand for roofing on both new and ancient constructions. This market is expanding as a result of expanding leisure and climate change waterproofing applications. Infrastructures must be waterproofed if they are to protect the building's construction from mildew, mold, and deterioration as well as against leaks and moisture.

Asphalt Market Restraint

  • The variable cost of raw materials is the element limiting the market's expansion. Petroleum and crude oil serve as the materials. Based on trading on the stock exchange, the prices of these commodities fluctuate. Costly production may result from this pricing turbulence. In addition, a limited supply of raw materials brought on by these price changes restrains the expansion of the industry. A change toward cement roads in many areas may also endanger the expansion of the global asphalt market as a whole.

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Asphalt Market Competitive Landscape

The global asphalt market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.

Top Players in the Global Asphalt Market

  • Exxon Mobil Corporation
  • Boral
  • Royal Dutch Shell PLC
  • BP PLC
  • Chevron Corporation
  • Total SE
  • Marathon Petroleum Corporation
  • Valero Energy Corporation
  • NuStar Energy L.P.
  • CNOOC Limited
  • Nynas AB
  • Puma Energy
  • SK Energy Co., Ltd.
  • Gazprom Neft
  • LOTOS Group
  • Indian Oil Corporation Ltd.
  • Tipco Asphalt Public Company Limited
  • SemGroup Corporation
  • PKN Orlen S.A.
  • Ergon, Inc.
  • HollyFrontier Corporation

Asphalt Market Recent Developments

  • In July 2022, according to a merger agreement signed by Shell USA, Inc. and Shell Midstream Partners, L.P., valued at around $1.96 billion, Shell USA would pay $15.85 per Public Common Unit in cash for all the Common Units that represent Limited Partner Interests in SHLX that are held by the Public. Currently, 269,457,304 SHLX common shares, or around 68.5 percent of SHLX common units, are owned by a subsidiary of Shell USA.
  • In June 2022, some company-owned gasoline and convenience retail facilities from the Landmark group of firms have been acquired by Shell Retail and Convenience Operations LLC, a wholly-owned subsidiary of Shell Oil Products US (Shell) (Landmark). Additionally, the transaction includes supply contracts for the independently run convenience stores and gas stations. Shell is advancing its Powering Progress strategy with this acquisition in three different ways: by expanding its retail footprint in a core market, by giving customers the chance to choose from a wider range of fuel options (including electric vehicle charging, hydrogen, biofuels, and premium fuels with lower carbon emissions), and by enabling the growth of non-fuel sales through a better convenience offering.

Asphalt Key Market Trends

  • Asphalt additives or modifiers are used to increase the product's performance as well as its durability, visual appeal, and shelf life. Styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are a few of the modifiers that are employed. They are used with this material to increase its strength and flexibility. These modifiers also aid in improving aging and abrasion resistance. To increase the concrete's tenacity and longevity, several additives are employed. Crumb rubbers are utilized for roofing applications because they offer high-temperature resistance and deformations. The lifespan of building structures and roads is increasing due to the increased use of modified asphalt, which is anticipated to boost the expansion of the bitumen industry.

Asphalt Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global asphalt market analysis, in terms of product type, the pavement material segment held the largest share in the global asphalt market due to its rapid expansion in the construction sector, driven by the increasing need for safer roads to reduce accident rates. By application, the highway segment held the largest share in the global asphalt market which was supported by rapid urbanization and a rising population. For roads and highways, the chemical is utilized as a binding agent to bond the components together and offer longevity and sturdiness. And by region, the Asia Pacific region held the largest share in the market due to the increased demand from emerging markets like South Korea, China, and India is responsible for this expansion. Due to the region's growing urbanization and population, China is also the main customer.

Report Metric Details
Market size value in 2023 USD 3.8 billion
Market size value in 2031 USD 5.67 billion
Growth Rate 5.1%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Hot Asphalt, Medium Curing (MC) Cold Mix Asphalt, Unique Paving Materials (UPM) Asphalt
  • Application
    • Asphalt Cement, Emulsion, Paving, Roofing, Others
  • End-use
    • Residential and Non-residential
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Exxon Mobil Corporation
  • Boral
  • Royal Dutch Shell PLC
  • BP PLC
  • Chevron Corporation
  • Total SE
  • Marathon Petroleum Corporation
  • Valero Energy Corporation
  • NuStar Energy L.P.
  • CNOOC Limited
  • Nynas AB
  • Puma Energy
  • SK Energy Co., Ltd.
  • Gazprom Neft
  • LOTOS Group
  • Indian Oil Corporation Ltd.
  • Tipco Asphalt Public Company Limited
  • SemGroup Corporation
  • PKN Orlen S.A.
  • Ergon, Inc.
  • HollyFrontier Corporation
Customization scope

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  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Asphalt Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Asphalt Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Asphalt Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asphalt Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asphalt Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Asphalt Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Asphalt Market size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4 billion in 2023 to USD 5.67 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).

The asphalt market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Exxon Mobil Corporation', 'Boral', 'Royal Dutch Shell PLC', 'BP PLC', 'Chevron Corporation', 'Total SE', 'Marathon Petroleum Corporation', 'Valero Energy Corporation', 'NuStar Energy L.P.', 'CNOOC Limited', 'Nynas AB', 'Puma Energy', 'SK Energy Co., Ltd.', 'Gazprom Neft', 'LOTOS Group', 'Indian Oil Corporation Ltd.', 'Tipco Asphalt Public Company Limited', 'SemGroup Corporation', 'PKN Orlen S.A.', 'Ergon, Inc.', 'HollyFrontier Corporation'

Road construction consumes roughly 70% of bitumen, which is expected to drive market growth. Rising asphalt paving construction and advantageous building projects such as highway and street segments are the main factors influencing the market trend. Furthermore, because many governments invest in infrastructure projects such as highway or roadway maintenance, road construction, and rehabilitation, good economic conditions would increase total income in the construction industry. Improved technology development in mixing facilities and manufacturers' efforts to provide creative solutions to meet customer demand would also fuel growth. Furthermore, they strive to meet industry standards.

Asphalt additives or modifiers are used to increase the product's performance as well as its durability, visual appeal, and shelf life. Styrene-butadiene-styrene, crumb rubber, atactic polypropylene, and natural rubber are a few of the modifiers that are employed. They are used with this material to increase its strength and flexibility. These modifiers also aid in improving aging and abrasion resistance. To increase the concrete's tenacity and longevity, several additives are employed. Crumb rubbers are utilized for roofing applications because they offer high-temperature resistance and deformations. The lifespan of building structures and roads is increasing due to the increased use of modified asphalt, which is anticipated to boost the expansion of the bitumen industry.

The largest share in the asphalt market was held by the Asia Pacific due to growing construction sector. The increased demand from emerging markets like South Korea, China, and India is responsible for this expansion. Due to the region's growing urbanization and population, China is also the main customer. Regional market expansion is anticipated to be aided by significant infrastructure expansion, construction sector innovation, industry consolidations, and economic growth in the area. The building sector is preparing for slower economic development due to a rise in the coronavirus in the Asia Pacific region. For example, the Indian government set out Rs. 60,241 crores (US$ 8.28 billion) for road construction and Rs. 57,350 crores (US$ 7.88 billion) for national highways in the Union Budget 2021. By March 2022, the government intends to have 8,500 kilometers of road built. Furthermore, by March 2022, 11,000 km more of the National Highway routes will be finished. The Ministry of Road Transport and Highways would receive an investment of Rs. 118,101 crores (US$ 16.20 billion), according to the government. Additionally, the government received a project under the Bharatmala Pariyojana costing Rs. 5.35 lakh crore (US$ 73.37 billion), which included building more than 13,000 km of roads for Rs. 3.3 lakh crore (US$ 45.26 billion).

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